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Tax Update for 2009 and 2010
You and Your Family
Common deductions/credits include:
(* itemized deductions)
- Health insurance for self-employed
- Pay-ins to Health Savings Accounts (HSA)
- Student loan interest expense
- Tuition for post-secondary education
- Moving expenses
- Traditional IRAs
- Worthless securities
- Home mortgage interest*
- Sales tax on large purchases*
- Real Estate taxes (now allowed for both itemizers and non-itemizers)
- Contributions to charitable organizations*
- Job-related expenses*
- Energy credits for certain home improvements (2009 + 2010)
- Energy credits for residential alternative energy systems
- Child care credit
- Earned income credit
- Stimulus Rebates (if not received previously)
- First-time homebuyer
Selected rates and limits:
- IRA's - maximum contribution $5,000
- ($1,000 additional allowed if 50 years of age or older)
- Non-taxable gifts allowed:
- unlimited: direct payments for medical or educational costs
- $13,000 per person in 2009 + 2010
- Early Social Security earnings limit:
- $14,160 in 2009 + 2010
Your business
- Bonus depreciation (50% of 2009 qualified acquisitions)
- Section 179 deduction ($250,000 for 2009)
- Restaurant and retail - qualified improvements get faster deprecitation (15 years)
- Standard milage rates:
2009 55 cents per mile 2010 50 cents per mile
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Ward & Meyers, LLC
Certified Public Accountants
3201 Flagler Ave. Suite 506
Key West, FL 33040
Phone: (305) 293-0265
Fax: (305) 293-0263
Email: info@wardandmeyerscpa.com
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